According to a recent report by Bloomberg, Blockchain Capital, a prominent cryptocurrency venture capital company, is in the process of securing $700 million for the launch of two new funds. The firm, which is headquartered in San Francisco, expects to finalize the fundraising efforts for its seventh early-stage fund and second growth fund within the next five to six months, as stated in the report, citing information from a knowledgeable source.
Despite being approached for comment, the firm did not respond to the inquiry. Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has a notable history of investing in the crypto space, with a portfolio that includes major players such as Coinbase, Circle, and Tether, and has previously raised approximately $1 billion for investment in digital assets.
The company's most recent significant fundraising endeavor took place in 2023, when it successfully raised $580 million for its sixth early-stage fund and a late-stage fund. The firm's investor base, comprised of limited partners from traditional financial backgrounds, including university endowments, sovereign wealth funds, and U.S. pension plans, among others, currently manages $2 billion in fee-bearing assets, with a total portfolio valued at over $6 billion, as reported by Bloomberg.